Lomsko Pivo AD said its fourth-quarter normalized net income amounted to a loss of 10,000 leva, compared with a loss of 152,500 leva in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to negative 0.8% from negative 8.8% in the year-earlier period.

Total revenue fell 26.2% year over year to 1.3 million leva from 1.7 million leva, and total operating expenses fell 54.0% on an annual basis to 1.3 million leva from 2.7 million leva.

Reported net income totaled a loss of 22,000 leva, or a loss of 0 stotinki per share, compared to a loss of 249,000 leva, or a loss of 6 stotinki per share, in the prior-year period.

For the year, the company's normalized net income totaled 2 stotinki per share, a decline of 69.4% from 6 stotinki per share in the prior year.

Normalized net income was 81,880 leva, a fall of 69.4% from 267,500 leva in the prior year.

Full-year total revenue fell 6.4% year over year to 10.0 million leva from 10.7 million leva, and total operating expenses decreased 10.6% on an annual basis to 9.6 million leva from 10.8 million leva.

The company said reported net income decreased 74.1% year over year to 105,000 leva, or 2 stotinki per share, in the full year, from 406,000 leva, or 9 stotinki per share.

As of March 28, US$1 was equivalent to 1.75 leva.